The Boulder Group, a net leased investment brokerage firm completed the sale of a single tenant CVS Pharmacy located at 1850 West Franklin Boulevard in Gastonia, North Carolina for $2,840,000.
The 10,125 square foot building is located at the corner of a signalized intersection along Franklin Boulevard (20,000 VPD) and Franklin Boulevard is a primary thoroughfare that leads to Charlotte. The property is in a retail corridor with Walmart, AT&T, Bank of America, BB&T, Advance Auto Parts and McDonald’s. There are approximately 90,000 people living within five miles of the property. Gastonia experienced a steady population growth, with a population increase between 2000 and 2010 of nearly 8.2%, according to the U.S. Census Bureau.
Randy Blankstein and John Feeney of The Boulder Group represented the seller in the transaction. The seller was a west coast based real estate fund and the buyer was a North Carolina based investor in a 1031 exchange.
There are ten years remaining on the CVS Pharmacy lease. The lease features 5% rental escalations in each of the five 5-year renewal option periods. CVS Pharmacy is the nation’s largest drugstore chain and total prescription revenue and operates 9,800+ locations in 49 states, the District of Columbia, Puerto Rico and Brazil.
“CVS drug store properties with proven operating histories continue to garner significant investor interest” said Randy Blankstein, President of The Boulder Group. John Feeney, Senior Vice President of The Boulder Group, added, “Properties with long proven operating history continue to be in demand with all investor classes, especially with tenants such as CVS.”
About The Boulder Group
The Boulder Group is a boutique investment real estate service firm specializing in single tenant net lease properties. The firm provides a full range of brokerage, advisory, and financing services nationwide to a substantial and diversified client base, which includes high net worth individuals, developers, REITs, partnerships and institutional investment funds. Founded in 1997, the firm has arranged the acquisition and disposition of over $6 billion of single tenant net lease real estate transactions. From 2012-2019, the firm was ranked in the top 10 companies in the nation for single tenant retail transactions by both Real Capital Analytics and CoStar. The Boulder Group is headquartered in suburban Chicago. www.bouldergroup.com
Company Name: The Boulder Group
Contact Person: Randy Blankstein
Email: Send Email
Address:3520 Lake Avenue Suite 203
Country: United States